Even with a rising mortgage interest rate environment, it is the hottest start to a year since tracking began in 2004 by a landslide.
Insanely Hot Seller’s Market
With a ridiculously record low supply of homes available to purchase matched with strong demand, the housing market is white hot.
- ATTENTION BUYERS: Waiting for the market to get easier for buyers is not the answer. Home values are on the rise and mortgage rates have been on the rise as well. Values are slated to climb between 8 to 10% in Orange County, and mortgage rates could reach or even exceed 3.5%. With rising values and higher rates, payments increase, and home affordability will slowly erode. For buyers, waiting is not an option. Instead, buyers should pursue a purchase with patience and a steadfast determination. It may take 30 offers to hit paydirt. But it is that kind of persistence that is ultimately rewarded with success.
- ATTENTION SELLERS: Take advantage of the hot market by pricing a home as close to the last comparable or pending sale. Carefully pricing will allow a seller to tap into the throngs of buyers waiting for every home that hits the market. A realistic price will allow a seller to attract a ton of offers. The bidding war that follows will allow a seller to obtain a very high sales price, typically selling for a lot higher than the asking price. Sellers who stretch the asking price too much and grossly overprice will result in wasted market time and less activity as the price is adjusted down the road. In this market, it is best to take advantage of the enormous buyer pool carefully watching and waiting for every new home that matches their search. Longer market times due to overpricing could result in fewer showings and fewer offers.
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